Alderman Carrie Austin To Sponsor Municipal Depository Community Reinvestment Ordinance

From Mark S. Allen, Chair of The Community Banking Coalition, and member of The Monroe Foundation's Community Reinvestment Organizing Project

312-624-8351 or 773-392-0165

Alderman Carrie Austin, 34th Ward, City of Chicago Agreed today to Sponsor the Municipal Depository Commitment to Community Reinvestment, Transparency and Accountability Ordinance drafted by the Community Reinvestment Organizing Project of the Monroe Foundation, and the Woodstock Institute. ( Attached).
With momentum building from the February 7th Chicago City Council Finance Committee hearing on JP Morgan Chase fee proposal, the Community Reinvestment Organizing urged the Chicago City Council to adopt a ordinance proposed by community reinvestment and community banking coalition advocates, that would hold municipal depositories that receive city deposits, transactions and manage investment, accountable for reporting to the City Council through the City Treasurer' Office, any plans to raise fees, close branches, or change its' banking practices in a manner that may cause an economic burden on the citizens of Chicago.
In meeting with community reinvestment advocates late Saturday evening, Alderman Austin stated, "I want something to champion. This may be it".
The Community Reinvestment Organizing Project,a community reinvestment public policy organizing campaign of the Monroe Foundation, is funded by a grant from the Woods Fund of Chicago.
Otis Chandler Monroe, III
The Monroe Foundation
(773) 315-9720

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